Getting a mortgage/changing to FT work

[Hjm1984]

Hello all 👋🏻

So... Here goes! I'm seeking opinions and insight from similar women in similar situations

I am solo parenting 247, 2 kids of nearly 9 and 11. No help from family. My kids are pretty good, they're more independent now too.

My divorce is about to come through and I will get a small amount which will help towards a deposit on a first time buyer basis. I also get a court confirmed amount of child maintenance each month.

I've been working part time 22.5 hours fully remotely for about 8 months with my company, it's a good job, no surprises, typically same repetitive work, good pay.

Ive been becoming idle/bored on my days off to be honest. I'm not a domestic goddess by any means(!) things get done as and when. I used to meet friends on occasion but typically they do their own family things and I waste the day lying on my bed.

So an opportunity came up where I was asked to work different hours on 2 days, basically an extra day (30hrs) plus an extra 3k pa on top - naturally I said yes.

Now, my dream is to get on the property ladder, and I'm now in a position to do it. I've been supported by benefits but my divorce money will end it.

Seeing what my full time salary would be, I decided to bite the bullet and request full time working. It's been a good 11 years since I last worked full time, but I want out of cold, moldy, overpriced rentals.

I can't afford in the area we live, plus I don't care for it so my idea is to move to a more affordable area. We are just on the boarder of England and Wales right now. I have no ties so the UK so to speak, is our oyster.

Can anyone give me some insight, similar stories of their own, some supportive words of encouragement. I have solo parented after moving back to the UK in 2017, started from the bottom and here I am, ready to step up x

I don't have a similar story to share but couldn't read and leave

Just wanted to say good on you and I wish you the best of luck OP xx

Sounds good OP - could you stay in. A healer area nearby so that your kids could keep going to the same school?

/ a cheaper

Ive actually been planning to move from the area for a while. It doesn't feel like home, I've got a small support network in terms of lift sharing to clubs but not a lot of close connections here. No family here, just us 3

Assume you can carry on at the same workplace when you move?
I'd work our what sort of amount you could borrow based on your FT salary. I wouldn't add any maintenance to this as this isn't going to be forever and you need to ensure the mortgage is affordable just based on your wage.
Once you know how much you could borrow then with your deposit you will have a good idea of what sort of property price you can afford.
Then start looking! If you have no tied to where you live the worlds your oyster!
Good luck

Well done for taking the leap OP. You'll need a few months pay slips with the new salary on it to qualify for the higher borrowing. In the meantime I'd try and whack your funds into a LISA if you have one. If you put in £4k before 31st March then government will give £1k (25%). Put another £4k in after 1st April and you'll get another £1k, so essentially a free £2k in the space of a few months.

Buying in a new area is tough as you need to do the trips to view properties. If you can, choose somewhere where you have at least one good family member or friend as it will make life easier.

Well done OP! This is very exciting!

Buying can be a bit of a long and sometimes frustrating road, but keep the Ned goal in mind, and think how happy you will be to one day soon, close and lock the door behind you of your own home. And such a good long-term financial decision as well, once you’ve bought, little by little, each payment secures you that home and means you’ll have a paid-for roof over your head in retirement.

Some tips -

1. use mortgage calculators now to work out what price range you can afford to borrow, and what the monthly repayments would be. Start to save that amount + 2% of the overall purchase price (divided by months) - your rent = every month now. This will be your reality for the next 20-30 years, so great to get in the rhythm of it now, and shows bank lenders you can afford this. This money (except the 2%) can be used to add to the deposit you are getting from your separation.

2. to explain step 1 abit - the bigger the deposit, often the better loan you can secure. So it’s worth doing. Secondly - every house will need maintenance done in it. It’s recommended people spend 1-2% of the overall value of the house each year. For some houses in bad repair, the money will be on essentials - new boilers, insulation etc. If your house is in good repair (or after a few years of this) it can be for preventative work, or additional things - landscaping, extensions etc. But don’t neglect setting this money aside. If you do you can guarantee the boiler will break in the first week! Put this 1-2% in a separate account labelled ‘home repairs’, have an automatic transfer into it every Mon, and get a home loan where that account can be offset against your mortgage. So it helps you twice - offsetting the interest, and for repairs.

3. Before you buy, make sure you have a 3-6 month Emergency Fund. As a single parent, you should probably aim for 6 months. The amount should be a bare-bones expenses eg if you list your job, and therefore cut down all treats etc, how much do you need to survive for the month. Again, it might be tempting to skip this step and want to put all the money into your deposit, but don’t. So many stories of people using every last cent to buy, and then the boiler breaks, or the car breaks, or they lose their job and they are suddenly very financially vulnerable. Especially now that you have a mortgage payment needed to be paid each month. Protect yourself from being this person by having the Emergency Fund. Again, arrange for it to offset your mortgage when you get it, so it protects you, and reduces your interest.

4. Start to declutter! You’ll be so glad you did this when it comes time to pack! Over the next few months as you are looking and saving, go through clothes, toys, books, kitchen items etc. Clear out the garage! Run the pantry down abit. Look at your furniture with a critical eye - if the couch/fridge is old, perhaps plan to not move it to the new house, but to take it to the tip and buy a new one. This helps as the new fridge/couch will fit the proportions of the new home and people deliver it for you. If you plan to do this, remember to set aside extra money monthly to do it, not to go into debt. Another option is to still do this, but wait a little while in the new house to buy the item, as sometimes living in the house helps see what you need more clearly.

5. Tips for when you buy/move in - call a locksmith and change the locks on the first day. You never know who has keys. Consider getting the place professionally cleaned before you move in, and painting and putting in new carpets. It is a million times easier to do it BEFORE you move in and don’t have loads of furniture to move around.

Hope these tips help - good luck!

You say you could move anywhere, but surely your children need to see their dad? If he has them some of the time, how will that work if you move away?

Wow, thank you for that info. I do indeed have a LISA. Once the money for divorce arrives I'll definitely transfer the money offer to reap the benefits

Yes, I appreciate your put - trying to weigh up options at the moment, between moving right up north or Scotland, or staying somewhere down here. Will likely be further from here as I can't afford the housing prices here

Just seeing this! Yes, he lives abroad - he visits them so doesn't matter where we live really!